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July 9, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (
www.treatyenergy.com), a growth-oriented international energy company, today announced the acquisition of four new Oil & Gas Leases in
Eastern Texas, and its plan to re-enter and re-complete the MADELEY F1H well in
Shelby County, Texas.
Today Treaty Energy Chairman,
Andrew V. Reid, is pleased to announce that a major multi-stage acquisition has been signed by Treaty Energy. Mr. Reid believes that this acquisition, upon completion of the multiple stages, will position the company for tremendous growth and allow Treaty to move to a whole new level in the oil industry. (An 8-K will be filed on this acquisition.)
This acquisition involves three parties:
Jimmy Jones, seller of the CHUMLEY LEASE; 3K Oil Trust, seller of the ISAIAH HILL, MADELEY, and ELLORA LEASES; and Treaty Energy, the purchaser. Total acreage of the four Leases is 580 Acres.
Treaty Energy will start to re-enter the MADELEY F1H (API#42-419-31028) well on Monday, July 9th. This well is drilled vertically to the Fredericksburg Zone and initially had a 16ft lateral extension drilled. The driller on this well was permitted by the RRC to go much farther laterally, but due to unexpected increases in well pressure for which they were unprepared lateral drilling was stopped far short of the potential that this well held.
Production of this well was 161 BBLS of oil per day at that point. Treaty Energy is permitted by the RRC to laterally drill this well to 1770 ft, but will not necessarily drill that entire length. Treaty currently is planning to drill to 1000 ft, but may drill farther if deemed prudent to do so. The well planners and geologists involved with this well estimate production to be up to 400 BOPD. Re-completion is estimated to take one week. Update will be provided to shareholders upon re-completion.